Contract Review Checklist Template:
Contract Title:
- [Insert the contract’s name here]
Review Date:
- [Insert the date the contract is being reviewed]
Compliance with Laws and Regulations:
- [Yes/No]
- If applicable, list the specific laws, regulations, and standards relevant to the contract and whether the contract complies with each. Examples could include data protection laws (GDPR, CCPA), industry-specific regulations, international trade laws, etc.
- Example:
- GDPR Compliance: Yes
- Environmental Regulations: Yes
- Taxation Laws: No (Requires review of specific tax clauses)
Key Terms and Conditions Review:
- [List of the most important contract clauses to review]
- Key terms may include:
- Payment terms (e.g., timelines, amounts, payment methods)
- Delivery obligations
- Duration of the contract (e.g., start and end dates)
- Confidentiality agreements
- Termination clauses (conditions under which the contract can be terminated by either party)
- Indemnity and liability clauses
- Governing law and jurisdiction
- Force majeure clauses
- Any special provisions or specific rights/obligations
- Example:
- Payment Terms: Ensure 30-day payment term matches project timelines.
- Delivery Obligations: Review delivery schedules for feasibility.
- Termination Clause: Clarify termination rights in case of breach.
Dispute Resolution Mechanism:
- [Included/Not Included]
- Does the contract specify a method for resolving potential disputes? Common mechanisms include mediation, arbitration, or litigation, and you should assess whether they align with company policy or preferences.
- Example:
- Arbitration Clause: Included – Ensure venue is neutral and fair for both parties.
- Mediation: Not included – Recommend adding an initial mediation step before arbitration.
Risk Assessment:
- [High/Medium/Low]
- Evaluate the potential risks associated with the contract. This could include financial risks, reputational risks, legal risks, operational risks, or compliance risks. The risk assessment should be based on the complexity and scope of the contract, the entities involved, and any potential for disputes or non-compliance.
- Example:
- Risk Level: High
- Reason: Unclear payment terms and vague termination clause pose significant financial and legal risks.
Recommended Revisions:
- [Yes/No]
- If revisions are recommended, briefly describe the necessary changes, such as adding terms for clearer dispute resolution, amending vague clauses, ensuring compliance with updated laws, etc.
- Example:
- Yes
- Recommended Revision: Include an explicit confidentiality clause to protect sensitive company information.
- Yes
- Recommended Revision: Modify the force majeure clause to include pandemics and government-mandated shutdowns.
Approval Status:
- [Approved/Pending/Rejected]
- Indicate whether the contract has been approved, is pending further review, or has been rejected due to significant issues.
- Example:
- Approval Status: Pending – Waiting on additional legal review of payment terms.
This template is used to standardize the contract review process and ensure all relevant factors are considered when reviewing a contract’s compliance, risk, and legal standing. It’s tailored to support SayPro’s monthly contract review process and help streamline the work done by the SayPro Tenders, Bidding, Quotations, and Proposals Office under SayPro Marketing Royalty SCMR.
Would you like to see further elaboration on any specific section or example?
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